What would you like to do?
You won't have any trouble at all getting a loan but most banks will probably want to issue credit by way of a credit card unless you have some sort of collateral (paid off car, or equity in a home)
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If you had an excellent FICO score in the 800s but were the primary borrower on a leased car that was repossessed because of the cosignee how badly will this hit your credit?
Answer You can provide copies of cancelled checks when applying for future credit, and this may help you in obtaining future credit, but the fact remains, the rep…o is going to ding your credit quite severely. The reason being, you are the primary signer, and therefore the one held legally responsible for whatever happens with the account. You may attempt to contact the credit bureaus to try and explain this to them, and they will automatically place a dispute note on the account while they investigate, but chances are, they will come back and tell you there is nothing they can do. Your credit score will be affected rather severely as well. I have seen someone's fico drop from a 750 to a 620 due to a string of mortgage lates caused by the cosigner on the loan. It is amazing how quick the credit bureaus report the bad stuff, but good luck getting rid of it. I am sorry for your situation, and I wish I had better news, but unfortunately, that is the way it is. You may want to call the lender or lessor on the account, and ask if they will delete the account if it is paid, as there are some lenders which will do this. If they will, it would be worth it to pay the balance, get it off your credit report, and take the cosigner to court for reimbursement. Good luck.
Answer Well my experience has been that you may have a credit score of N/A. The way to build your credit fast and have a high credit score is to be added t…o a persons credit card as a authorixed user or a co-signer (make sure that that person hasn't been late EVER, or your score could be in 500s) If that person has had that credit card for at least 2years or more than your score could be in the low to mid 600's. Then just use the card (bring balance to at least 60% of credit limit) then pay it off, due that for a couple of months and your score, like mine could be in the low 700's and i am only 20 years old.
If your father is selling his house and you would like to buy it but have credit scores in the mid-500's is it possible for him to cosign your loan?
Answer yes. if he is willing but why pay someone else the interest. let him finance it for you and save a bundle - ubless he needs the money to buy another home.
Since a credit score can depend on how many different accounts have outstanding balances, it's possible that debt consolidation can indeed improve your credit score. D…ebt consolidation has minimal effect on your credit. In most cases, you apply for a home refinance or debt consolidation loan and use the proceeds to pay your other debts. Although you will now have a single larger debt on your credit report, several small debts will be eliminated. Answer: Debt consolidation itself does not dramatically affect your credit score. However, the main issue with debt consolidation is that over 70% of consumers who consolidate their debts grow it back to the same level or higher according to(http://www.bankrate.com). 1. When you consolidate your debts, you are not learning how to manage your money better, you are performing a quick fixes, and quick fixes breakdown as fast as you put them together 2. You must take the necessary steps to learn how to manage your money by putting together a realistic budget 3. Create a simple to execute and even simpler to manage debt elimination plan 4. Make permanent decisions to change your spending patterns to spend cash for your purchases Hope that helps Ahmad Davis http://www.victory-by-design.com Read more: http://wiki.answers.com/Q/How_consolidation_affects_your_credit#ixzz1Yay5SM2C
You have been an authorized user on your wife's credit card account for the past year which is in good standing so how come you still don't have a FICO score?
The reason you still do not have a FICO is because your credit was not used to apporve the application you are just a user much like a 17yr old uses a parents credit car…d being a user just means the card has your name on it not that your information was used to approved the credit card in most cases the company does not even have your S.S#
It depends on the Credit Reporting Agency because they all use varying models. The maximum FICO score is 850. The maximum VantageScore (a new score now used by Experian, a…mong others) is 990. For FICO, the highest possible credit score is 850, but anything above 700 is really good. Below 620 you are considered a serious credit risk and will pay high interest rates on any loans, credit cards, etc. you can get.
Your credit score is 635 you would like to improve your fico score to purchase a home Will opening three lines of new credit establish good credit in a year?
Answer Opening three lines of credit will drop your score because it increases your perceived risk. It is impossible for risk managers to immediately assess how you w…ill perform with the new credit availability so your risk goes up and your credit score goes down. It takes a long time to build a good score. I suggest you make sure you're keeping all of your REPORTED bills paid on time. Pay down balances as far as you can to keep your debt to income ratio in the low risk category and your score will start to improve. The algorythm that FICO uses to calculate your credit score is extremely complex. Take good care of the credit you have now and remember your debt to income ratio. That is HUGE.
Answer Absolutely no! Closing accounts will affect your credit score greatly. There is a lot involved with your question so for more information, you may want to …look at a great credit book. I recommend Phil Turner book called: Credit bible.
Credit score could be any number of diffrent scoring models a FICO score is from a specific company that was named Fair Issic Company but now goes by just FICO for more info c…heck www.thecreditguy.tv
No, the score model recognizes the balance on the account in proportion to the credit limit as a percentage. For example, if you have a balance of $10,000 with a $ 50,00…0 credit-limit your proportion of balances to credit limit would be 20%. Vote on our video at www.wowifixedmycredit.com
Hello, I just answered the same question few seconds ago. Please read it, http://wiki.answers.com/Q/How_does_debt_consolidation_affect_getting_a_mortgage
I don't know that there are any silver bullets that come your way at 800, but you will never be accused of having bad credit... ever. From my own research, it seems that… once you cross the 720 threshold, it doesn't make much difference. My wife and I are retired and in the process of purchasing a 3rd home (Arizona for the winters) and found that dealing with lenders is much easier when you have a good score. Mine is 804 while my wife's is 816. What I really want to know is how we could possibly have different scores when everything on our credit report deals with joint accounts. If someone has the answer to this one, please let me know.
The best way to get your FICO score if for free. go to annualcreditreport.com and get a truly free copy of your credit report then go to the My fico Website and enter your dat…a in the free estimator watch the video at www.thecreditguy.tv
Yes and no. FICO will make adjustments to your score when you shop for credit, which is what an inquiry indicates. How much this will affect your score depends on your c…redit history. Someone who does not often shop for credit may only be reduced a point or two, or maybe even see no reduction at all. Someone who already represents some form of credit risk may see a bigger decline in the score. With that said, according to FICO (www.myfico.com) multiple mortgage inquiries within a 14 day timeframe will count as one inquiry as far as it affects your score. They expect you to shop offers, just make sure you do it within the timeframe. The inquiries will still appear on your report, they just won't continue to hurt your score. On a side note, self inquiries do not affect your score.
Of course it is! It is my current score.
Reduce your credit card balances down to at least 50% of your limit. The next break is at 30%, then 10%. Paying a card off can actually drive your scores down. If your cre…dit scores are really low, that is below 620, you may need to acquire assistance from a credit repair professional.